Liberal think-tank’s tough stance on China’s currency, jobs

On Thursday, the Economic Policy Institute accused China — along with Hong Kong, Malaysia, Singapore, and Taiwan — of manipulating their currencies to unfairly boost their exports to the United States. EPI urged Congress to impose 25 percent tariffs on these nations if they don’t bring their currency values into line.

Last month, EPI estimated that Chinese exports to the United States have cost this nation 2.4 million jobs between 2001 and 2008. In a breakdown by congressional district, four of the five hardest hit jurisdictions in the U.S. were in the Bay Area — the 15th, 14th, 16th and 13th congressional districts, represented by democrats Mike Honda, Anna Eshoo, Zoe Lofgren and Pete Stark, respectively.

The EPI is influential in democratic circles. Vice President Joe Biden picked former EPI senior official Jared Bernstein to serve as his chief economic policy adviser.

Consternation over the trade imbalance with China, complaints of currency manipulation and anger at job losses from these factors are not new. But EPI seems to be raising the amplitude on the issue and focusing pressure on lawmakers — including Bay Area representatives close to House Speaker Nancy Pelosi.